Cumene Market Analysis By Production Type (Zeolite, Solid Phosphoric Acid, Aluminum Chloride), By Application (Phenol, Acetone) & By Region – Global Market Insights 2023 to 2033
Analysis of Cumene Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Cumene Market Outlook (2023 to 2033)
The global cumene market stands at a value of US$ 26.5 billion in 2023. The market is predicted to advance at a CAGR of 5.5% and reach US$ 45.3 billion by the end of 2033.
Increasing product innovations, including the development of food-grade cumene for bottles and containers made from polycarbonate plastic, are estimated to generate profitable opportunities for industry players in the coming 10 years. The rising demand for bisphenol-A and phenolic resins is projected to contribute to market growth.
- The United Kingdom market is projected to expand at a CAGR of 4.5% and reach a value of US$ 2 billion by 2033-end.
- Sales of cumene in Japan are forecasted to advance at a CAGR of 4.8% and are set to reach US$ 2.5 billion by 2033.
Cumene is an organic compound that is based on aromatic hydrocarbons and is known as isopropyl benzene in its chemical form. It is a colorless and flammable liquid with higher boiling points, around 152 °C. It is a constituent of refined fuels and crude oil.
Rising demand for acetone and phenol along with their derivatives is predicted to result in increased sales of cumene. The rising application of phenolic resins and bisphenol-A is forecasted to boost market growth opportunities in the coming decade.
Phenol is used extensively in laminates, composites, and plastics. Cumene is utilized in the manufacturing of acetone and phenol that find applications in a wide range of industries, including construction, pharmaceuticals, electronics, and automotive. Growing demand for these products from end-use industries is predicted to drive up the sales of cumene.
Growing urbanization and economic development are leading to the rising demand for construction materials, sealants, adhesives, and coatings that largely depend on products derived from cumene. The chemical industry is a prominent consumer of cumene. Cumene is used in the production of a wide variety of chemicals, including polycarbonates, synthetic fibers, and resins. Expansion of the chemical industry, especially in emerging markets, is predicted to contribute to the expansion of the cumene landscape.
Fact.MR, a market research and competitive intelligence provider, offers the dynamics of the cumene market in its newly published market research. Growth opportunities, a regional overview, key product ranges, new developments, key limitations, etc. are some pivotal factors covered in the report to provide detailed insights.
Cumene Market Size (2023)
US$ 26.5 Billion
Forecasted Market Value (2033)
US$ 45.3 Billion
Global Market Growth Rate (2023 to 2033)
United States Market Value (2033)
US$ 15 Billion
Phenol Segment Growth Rate (2023 to 2033)
Key Companies Profiled
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What are the Drivers Behind Increased Demand for Cumene?
“Rising Preference for High-Octane Production and Derivatives Driven by Need for Enhanced Fuel Efficiency”
Rising use of cumene for multiple applications is anticipated to boost its sales. High demand for bisphenol-A and phenolic resins as well as acetone and its derivatives are generating lucrative opportunities for players.
Increasing utilization of cumene in sealant chemicals and adhesives is propelling its sales. A rising preference for high-octane production is also estimated to contribute to market growth. Need for high-octane derivatives and rapid industrialization are predicted to boost demand for cumene in the coming decade.
What are the Challenges That Manufacturers of Cumene Need to Tackle?
“Health and Safety Concerns Associated with Cumene Exposure and Rising Prices”
Cumene, when acutely inhaled, can have depressive effects on the human central nervous system (CNS). Excessive exposure to cumene can lead to various symptoms including dizziness, unconsciousness, headaches, minor incoordination, and drowsiness.
Cumene vapors can sometimes cause redness and mild discomfort in the eyes. Repeated or prolonged skin contact is projected to cause slight irritation with flaking of the skin. Excessive inhalation of cumene vapors results in irritation of the nose, upper respiratory tract, and throat.
If swallowed or ingested in small amounts, cumene can lead to a low order of toxicity, meaning it has mild or minimal health effects. Cumene can cause gastrointestinal irritations if it is swallowed in large amounts. These adverse health implications of cumene exposure are projected to limit its demand.
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What Strategies are New Companies Implementing to Thrive in the Cumene Market?
“Product Innovation Key to Profit Generation”
Product innovations, including the production of food-grade cumene, are estimated to help new entrants gain a competitive edge in the coming decade. In addition, the rising development of advanced chemical manufacturing is projected to expand the cumene space. New entrants are investing to explore bio-based routes for cumene production while using certain renewable feedstocks instead of conventional sources of fossil fuel.
Why is the United States a Lucrative Market for Cumene Suppliers?
“Rising Demand for Lightweight Automobiles Contributing to High Use of Cumene”
Sales of cumene in the United States are forecasted to advance at a CAGR of 5.1% and are set to reach a valuation of US$ 15 billion by 2033-end.
Increasing technological advancements taking place in the United States are bolstering demand for cumene. Rising demand for lightweight automobiles along with the well-established automotive industry is contributing to the expansion of the cumene landscape.
How are Sales of Cumene Faring in the United Kingdom?
“Increasing Consumption of Cumene Driven by Rapid Urbanization and Expansion of End-use Industries”
Sales of cumene in the United Kingdom are predicted to rise at a CAGR of 4.5% and reach US$ 2 billion by 2033.
Easy availability of raw materials, including crude oil and natural gas, is predicted to augment market growth opportunities in the United Kingdom. Consumption of cumene is expected to increase significantly because of rapid urbanization, which is contributing to the expansion of end-use industries and thus opening new horizons for players.
Which Asia Pacific Countries Account for a Leading Share of the Regional Market?
“Rapid Expansion of Automotive Industries in South Korea, India, Japan, and China Driving Demand for Cumene”
The automotive industry in South Korea, India, Japan, and China is expanding at a significant rate and leading to increased demand for cumene. These countries are not only producing but also consuming cumene significantly. Introduction of innovative products in the cosmetics industry is expected to further support the demand for cumene.
Sales of cumene in Japan are projected to increase at a CAGR of 4.8% and reach US$ 2.5 billion by 2033.
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Why are Zeolites Widely Preferred Across the Globe?
“Extensive Utilization of Zeolites as Sustainable Catalyst Alternative Due to Their Higher Yield and Improved Production Efficiency”
Demand for zeolite-based cumene is anticipated to increase significantly over the forecast period. Use of solid phosphoric acid and aluminum chloride as catalysts in the production process has several disadvantages. These catalysts are non-renewable, environmentally hazardous, and can cause high corrosion. As a result, there has been an increase in the demand for zeolite as a sustainable alternative catalyst for production.
Zeolites help reduce the formation of polyalkylbenzenes and olefin oligomers. This allows for a higher yield of approximately 98%. Furthermore, zeolites enable the production of compounds at relatively lower temperatures and pressures.
Which End-use Application of Cumene Accounts for Higher Sales?
“Widespread Utilization of Phenol as Key Ingredient in Solvents, Adhesives, Coatings, and Insulation Materials”
The phenol segment is forecasted to expand at a CAGR of 5.5% from 2023 to 2033. Growing use of phenol in different industries, including automotive, cosmetics, paints & coatings, electrical & electronics, and others is boosting demand for cumene. It is utilized as a solvent for lacquers, enamels, and paints that find use in furniture and automotive.
Isopropyl benzene, which is derived from phenol resins, is used significantly in the construction of homes in the form of adhesives for various structured wood panels. It is also used in the manufacturing of mineral wool insulations.
Key Market Players
Maintaining product standards, strengthening supply chain management systems, quality control, and other initiatives are taken by cumene manufacturers to expand their footprints while ensuring value addition for their current portfolio.
Industry players are concentrating on expanding their consumer base across regions. These businesses are using new strategic collaborations to expand their reach and profits.
Smaller and mid-size businesses are expanding their reach by entering new markets. Product innovations and technical advancements are some other initiatives adopted by these market players.
- In May 2021, TPPG made a significant investment of US$ 13 million in its paints and coatings plant located in Jiading, China. The investment includes the expansion of a power coatings technology center and the installation of eight new production lines for powder coatings to enhance the research and development capabilities of PPG. This expansion is projected to increase the plant's capacity by an additional 8,000 tons per year.
Key players in the cumene market are Braskem, Chang Chun Group, INEOS, Dow, CITGO, Kumbo P&B Chemicals Inc., Cepsa, Koch Industries Inc., Domo Chemicals, Prasol Chemicals Pvt. Ltd., SABIC, Royal Dutch Shell PLC., and Versalis SpA.
Segmentation of Cumene Industry Research
By Production Type :
- Solid Phosphoric Acid
- Aluminum Chloride
By Application :
By Region :
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- FAQs -
The global cumene market stands at US$ 26.50 billion in 2023.
Worldwide demand for cumene is projected to expand at a CAGR of 5.5% from 2023 to 2033.
The United States market is anticipated to reach US$ 15 billion by the end of 2033.
Sales of cumene in the United Kingdom are forecasted to increase at a CAGR of 4.5% through 2033.
Sales of cumene for phenol are predicted to rise at a CAGR of 5.5% from 2023 to 2033.
The market in Japan is anticipated to reach US$ 2.5 billion by 2033.
The global market for cumene is projected to reach US$ 45.30 billion by 2033-end.